Which Accounting Software Is Best For Your Business?

It used to be simple: businesses employed an accounting team to handle all of their accounting needs. Now, in the age of financial technology, it is more accurate, cost-effective, and simple to transfer data into accounting software that can do more than ever before.

These leaps forward save a lot of time and money. But how can you be sure you’ve chosen the correct software for your business?

Keeping an ever-watchful eye on the money going in and out of your business remains crucial to any business, and having a program that meets your specific requirements matters. Invoicing, reconciling transactions, automated data reports, and other tasks additional to the regular, daily accounting tasks is going to depend on your industry, the size of your business, and individual needs such as whether or not you’d like to track performance or set timers.

Choosing the best accounting software will therefore depend on a number of factors. This challenge can be simplified with some research into the many options offered. Take the time to gain an understanding of how your own business runs, its basic accounting needs, and then use this data as a benchmark to help you to arrive at the best decision.

Find out which accounting software is best for your business.

Are you in the specialized industry such as manufacturing? Sage may be perfect for your business. Its features include solutions for inventory, accounting, payroll, payments, and enterprise management, making it ideal for businesses of all sizes.

Financial management packages that are tailored to address the specific needs of different industries

Construction, government organizations, and nonprofit businesses are included in their specialized packages

Assets, construction, real estate, and HR are industries included in solutions

Manufacturing, service, and distribution companies are given specialized capabilities within each service product

Does your business focus on retail, real estate, or IT? Xero’s features list includes solutions for bank reconciliation, inventory, bill payments, and invoicing. It is designed for small and growing businesses.

Provides business owners with instant access and visibility of their financial position

Bank transactions are imported and coded automatically

Cash flows, account details, and transactions can be accessed from any device with an internet connection

Online billing helps to keep on track of bills due and spending habits

Mobile review and approval of each receipt

Automatic credit card and bank account feeds

Business and management reporting, as well as purchase orders, expense claims, and accounts receivable

Are you self-employed, and wondering if there is an accounting software for you? Not to worry–there is software to address your specific needs too. QuickBooks lets you track business mileage, generate self-assessments, auto-categorize expenses, and connect your accountant.

Offers accounting, payments, time-tracking, and payroll tools

Versions of QuickBooks are available in many different markets, including Canadian, Australian, and British divisions, which offer different versions to support the tax needs of each

For those of you looking to expand your business, MYOB (Mind Your Own Business) is an excellent solution for business owners. From startups to powerful manufacturing companies, there are solutions for every size business, and this company will grow with you.

Perhaps you specialize in the fitness and health sector. Reckon is an accounting software to fit your needs. With cloud-based solutions, its software provides solutions for small businesses and the self-employed.

If you are an Accountant, Time Tracker is the perfect tool to add to your arsenal. Improve efficiency and increase your productivity by taking advantage of features such as time tracking from any device, cloud-based security, and invoicing.

Automatic employee timekeeping, time entry approvals, and time capture capabilities

Track time with time cards, which allow employees to clock in and out with ease, track their break times, and switch between projects

Round up or down automatically when setting time (for example, if an employee clocks in at 09:55 am the time entry can round up and be recorded as 10:00 am)

By now you should have a much clearer idea of which accounting software is the best option for your business.

Ready to take the leap and give one a try? Time Tracker can be used from anywhere on mobile or desktop, and you can sign up now for a free, 14-day trial. No credit card required. Give yourself a chance to increase productivity and get paid faster right now.